Summer Scanlin, Realtor- Bryan College Station, Texas

There has been numerous questions surrounding the new $8,000 tax credit. Real Estate agents, home buyers and tax consultants seem to have conflicting answers to one fundamental question.

CAN I AMEND OR FILE MY2008 TAX RETURN AND RECEIVE THE CREDIT IF I HAVE NOT PURCHASED A HOME YET?

One buyer I am working with has a check on the way from filing an amended return and is planning on purchasing a home in the next 30 days. Another client went to a local tax office and was told she could not file an amended return unless she had a property purchased after January 1, 2009 and before November 30 , 2009 already in her name.

SO WHICH IS IT????????

I consulted with a tax professional and her statements were as follows:

FILE YOUR RETURN OR AMENDED RETURN (1040X)

IF YOU ARE PURCHASING A QUALIFIED PROPERTY IN THE TIME FRAME SET FORTH BY THE STIMULUS PLAN, TAKE THE CREDIT!!!! BEWARE----YOU MUST MAKE THE PURCHASE IN THE TIME REQUIRED OR YOU HAVE TO PAY THE MONEY BACK +PENALTIES AND INTEREST.

It will take several weeks to receive your refund but these funds, according to a reputable tax servcie, is available in this circumstance.

An FHA loan is 3.5 % down. This tax credit is perfect for anyone looking to buy a home but has not been able to save enough money for the down payment and closing costs.

For more information go to www.federalhousingtaxcredit.com

Like many Realtors, I am always searching for new websites offering information about local Real Estate. In my search today, I found a great website useful for Realtors and anyone interested in knowing more about College Station, Texas. www.HelloCollegeStation.com provides a wealth of information including local art, music, events, weather, maps, schools, restaurants, hotels and of course, REAL ESTATE.

If you are a buyer looking to move to College Station, Texas, visit this site. You will not be disappointed. Take a look for yourself.

As always, if you are ever looking to buy or sell a house in the area, call me, your Bryan-College Station home professional to learn more about my strategic marketing plan targeted to get you results!

There have been several people asking me questions all day today about the new first time homebuyer tax credit. What does it mean? Can I get it to buy a house now?

First the tax credit is a an actual "credit" NOT a deduction. If you owe $1,000 to the IRS at the end of the year, and then apply the credit you will receive a credit of $8,000 and a refund check of $7,000 ($8,000 credit-$1,000 you owe). This is very different from a deduction. A deduction is an amount that reduces your taxable income. If my taxable income is totaling $40,000 and I take a deduction of $8,000 then I now only pay taxes on $32,000. This is nice but the NEW TAX CREDIT is much more of a benefit for the first time homebuyer.

Secondly, you can file for the credit on your 2008 return even if you have already filed it. You can elect to treat a qualified home purchased in 2009 (as if the purchase occured on December 31, 2008. If you are buying a home and wish to claim it on your 2008 return, but have already filed the return with the IRS, you may file an amended 2008 return claiming the tax credit instead of waiting till 2010. Many people will receive a nice refund for downpayment assistance on the purchase a home. There are restrictions and/or rules involved when taking the credit prior to the home purchase. I am not exactly clear how this option is working yet but will update with further details. A buyer I have been working with has elected this option and waiting for his refund to buy a home. This is great news for anyone considering buying a home but may have hesitated due to closing costs or down payment constraints.

An alternative to getting your credit sooner than filing your 2009 return is to begin reducing your tax withholding (up to the credit amount) so you can start saving the cash you need to buy the home in 2009. Homebuyers seeking this option should get with their employer to adjust their W-4. Homebuyers should consult a tax professional to be sure they meet the income restrictions and understand what will happen if withholding is reduced but a purchase is not made under the qualifications set forth by the federal housing tax credit.

Prior to making any decisions on amending a 2008 return or reducing withholding from a paycheck to save for a down payment, consult with a tax professional to avoid any misunderstandings or liability for repayment to the IRS of income tax, penalties and interest charges.

Good luck!

Does anyone have a problem with the way the College Station High School (A&M Consolidated HS) has changed over the years? Many of us in the area grew up here and attended this high school. It may have been 50 years ago 20 years ago or 10 years ago but let me tell you things have changed.

One of the reasons I decided to stay in College Station was the local school district. After living is so many places growing up, I was impressed by the schools in College Station. I wanted my children to attend CSISD. Now I wish I had put them in private school. The high school is now like many "big city" high school. The doors are kept locked on the exterior during school hours. The kids have to wear school ID's hanging from their neck. The atmosphere feels so institutionalized.

I have not been driving for a few weeks due to a rare neurological eye disorder. I finally began driving on Tuesday and when I was ready to leave the house to take my daughter to school, I could not locate my car keys. I looked everywhere!!!!! I had not used them in 3 weeks. Needless to say, I got her to school about 8 minutes late. I wrote her a note explaining and she still received a detention!!!! I was beyond mad. I spoke with a co-worker that has a daughter at the same school and she said don't bother calling, it does not work, they do not care. She said the trick is to get her there in between 1st and 2nd period so there is not a tardy slip. Writing a note the next day to explain the absence from 1st period. This is sad when I have to lie and find loopholes so my daughter is not punished for my tardiness.

While I am sure there is a no tolerance due to the high number of enrollment, it is still not the type of school or school system CSISD used to be. It is not the type of school I remember nor the type I was trying to have my children attend. The school is too large! We need to get back to the basics. If we need two high schools, let's get it done. I cannot stand this "big city" NO TOLERANCE type high school.

(By the way, this is the first time she had ever been late for school thus far in this semester).

I hope I am not the only one that can relate to this blog. How do most of you feel about VERBAL COUNTER OFFERS. Of course we all want an original offer to be submitted in writing. However, how many of us will typcially go back and forth verbally with counter offer from the buyer and seller? I recently experienced a situation of this sort and it did not end well. SO BEWARE!!!

Many of you may think I'm crazy to go back and forth verbally on counter offers but in my area, this is a COMMON occurrance and is recognized as "acceptable" on the merits of the agent. Bryan/College Station agents, please back me up. However, in Texas, there is an absolute, unconditional law that NO real estate contracts can be verbal!!

My biggest question is what is the "OPS" status for in MLS? Offer pending signature...........this, as far as I have experienced, means the property is not available but the contract is not all signed.....SO, what is the deal with this contradiction in laws and terms?

Verbal counter offers and negotiations does expediate the process but it is not legally enforceable. So if you read OPS and want to bring an offer to an agent, remember this blog! Bring the offer. If the contract is not fully executed, yours must be presented to the seller. The seller can refuse to see it but you can certainly push the offer to be presented.